Suspected Multicoin Capital address is selling 607,000 HYPE, with an unrealized profit of approximately $18.8 million

TechFlow reports, July 22, according to monitoring by on-chain analyst Yu Jin, suspected Multicoin Capital is selling 607,000 HYPE, estimated at approximately $37 million at current prices. Specifically, the address transferred 395,000 HYPE to Coinbase about 4 hours ago, and applied to redeem 211,000 HYPE previously staked on Hyperliquid.

On-chain data shows that this batch of HYPE was bought via Galaxy Digital OTC 5 months ago (February), at a buying price of approximately $30 at that time. Since then, about 210,000 HYPE were used for staking, and another 395,000 HYPE remained in the wallet. Calculated at the current price of $61, if the sale is completed, the cumulative profit is estimated at approximately $18.8 million.